*Loan,banking and credit>>>bank loan

Will most banks give a bad credit client a secured loan?

My brother is 26, and his credit was ruined by his ex-girlfriend. Long story. So, Im trying to help him re-establish his credit so he can get "his own place"! :)

I offered to contribute $500 towards a secured loan with my bank, but I will not co-sign. Is my impression correct, that he can give the bank $500, then they will secure the $500 and loan him $500 which he will pay back monthly in order to build credit?? Or is this just a rumor I heard somewhere? Any suggestions appreciated. Thanks!

It depends on the bank's policy. At Bank of America, the minimum loan is $5000 for a five year repay period. A secured credit card may be a good alternative, but I was declined by B of A.

He can apply for a secure credit card. If you put out $500.00, that is how uch the card will have as a limit. They usually return the money after one year of monthly payments on time, then it becomes a regular credit card. They will, after good payment history, raise the credit limit after a year.

As far as you co-signing, if he is getting a secured card, there is no co-sign needed. He will not be able to get a loan until his credit improves. But he can get a secured credit card, using cash that they will hold for a year.

As a suggestion, do not use the card for more than 1/2 of the limit, as this shows them irresponsibility with money. (It will lower your credit if you max the card, best is 50% or even 30% only used on it at all times.)

Check with the bank though on this. Each may have different rules about it.

Hope this helps.
First I would ask the bank if they even report to all 3 major credit reporting agencies. Even if this hard-money loan scheme works it might not show up on his credit report and help his score.

Does he have any credit open at all? Might try a Discover card 1st and pay it off monthly small balances.
Anybody can have a bad credit record. Mistakes do happen. But what we should do is not to repeat the mistakes.

Follow the same advice when it comes to loans. If you have a bad credit history, then go for a bad credit loan. It is a feasible loan option to let you fulfill your financial goals. A bad credit history can include arrears, defaults, bankruptcies, County Court Judgments etc.

Usually, adverse credit loans are given as
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yes..they will

Quick bad credit loans lend you money very quickly if you need cash for any emergencies. But the primary aim of these loans to give you easy access to funds to clear your dues quickly so that you do not face any penalties like late charges and negative credit remarks that can affect your credit score.

Do not be careless in paying off your outstanding dues. If you do not have the cash, apply for a quick bad credit loan to pay your dues. This will save you from any penalties imposed by your lender. If you fail to meet your financial obligations, your lender will charge late fee, raise your interest rate and report you to the credit bureaus. This will lower your credit score and create problem for you with the other lenders and creditors.
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